US President Biden Threatens to Block Debt Deal Over Crypto

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On May 19, 2023, U.S. President Joe Biden said that he would not accept a debt deal that protects crypto traders from paying taxes on their profits. This announcement came as part of a larger speech in which Biden outlined his plans to address the country’s growing budget deficit.

President Joe Biden speaking on the final day of the G7 summit, said “I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk.”

Biden’s comments have been met with mixed reactions from the crypto community. Some have praised the president for taking a tough stance on taxes, while others have expressed concern that his policies could stifle innovation in the crypto industry.

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It is still too early to say what impact Biden’s policies will have on the crypto market. However, his comments have certainly put the industry on notice that the government is taking a closer look at crypto and its potential tax implications.

Here are some of the key points from Biden’s speech:

  • The president called for a “fairer, simpler, and more efficient” tax code.
  • He said that he would not accept a debt deal that protects crypto traders from paying taxes on their profits.
  • Biden also proposed raising capital gains taxes for the wealthiest Americans.
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These proposals have been met with mixed reactions from the crypto community. Some have praised the president for taking a tough stance on taxes, while others have expressed concern that his policies could stifle innovation in the crypto industry.

It is still too early to say what impact Biden’s policies will have on the crypto market. However, his comments have certainly put the industry on notice that the government is taking a closer look at crypto and its potential tax implications.

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About Reeti Garg 338 Articles
Being outstanding in school and college for her academics and sports, little did she know that her passion for writing about unobserved people, stranded things and mysteries of the heart would lead her to become a professional writer later in life! An avid reader and a hardcore movie buff, her favorite past time is listening to music and writing poems. She is a published author and on her way to completing her second book ‘Under the Falling Stars’, a thriller on bisexuality. In this short span of 4 years of being a professional writer, she has been associated with many articles for renowned magazines and newspapers, blogs, short stories and poetries. Names associated with her writing skills are ‘Meri Sajni’, ‘Akinchan Bharat’, ‘Hamara Ghaziabad’, mycity4kids.com. Aspiring to be famous and known as a soulful author one day, she would love to settle someday in the silent disquietedness of London countryside, where she plans to just sip coffee and keep writing trilogies.

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